Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0105%/8h= −11.5% APRpaid last 24h −0.027%

Price spread now: OKX against Phoenix+0.040%116s7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$290.286% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.096%−$10 on $10k

Price spread, last 4 days (all we have)−0.090%−$9 · spread now +0.040%, 7d avg +0.026%

Together, before fees−0.186%−$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.026%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. The two prices were read 116 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NVDA	227.77	0.0105	pay 0.0013% / 1h	21m 30s	$94K	$112K	20x
Short	OKX NVDA-USDT-SWAP	227.86	0	get 0.0000% / 8h	6h 21m	$14.4M	$20.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee OKXbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$22.12
Price spread: +0.040% → +0.026%: $1.38
Slippage, 4 orders: −$11.56
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$49.3
Costs to cover: 0.286%
Break-even: never at this rate

Slippage from Phoenix: live order book, 39 min ago; OKX: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phoenix live order book, 39 min ago	2.63 bp	8.6 bp −$9	17.9 bp −$179	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.22 bp	5.4 bp −$5	7.2 bp −$72	18.6 bp −$1,865	doesn't fit

NVDA on 34 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit NVDAUSDT	0.0000%	8h	227.86	+0.040%	$12.7M	$15.1M	100x	as long as short
OKX NVDA-USDT-SWAPshort	0.0000%	8h	227.86	+0.040%	$14.4M	$20.3M	50x
Gate NVDA_USDT	0.0000%	8h	227.78	+0.004%	$7.2M	$9.6M	100x	as long as short
Bitget NVDAUSDT	0.0000%	8h	227.92	+0.066%	$15.4M	$16.3M	100x	as long as short
SunX NVDA-USDT	0.0000%	8h	227.40	−0.162%	$2K	$3.8M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.96	+0.083%	$198K	$496K	30x	as long as short
Phemex NVDAUSDT	0.0000%	4h	227.94	+0.075%	$2.2M	$43K	10x	as long as short
Aster NVDAUSDT	+0.0001%	8h	227.79	+0.008%	$484K	$581K	20x	as long as short
Aftermath Perps NVDAUSD	+0.0011%	1h	227.73	−0.016%	$118K	$54K	10x	as long as short
Variational Omni NVDA	+0.0018%	8h	227.89	+0.052%	$3.5M	$2.0M	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT NVDA_USDT_Perp	+0.0029%	8h	227.90	+0.059%	$20K	$387K	10x	as long as short
Arcus NVDA-USD	+0.0040%	1h	227.72	−0.022%	$400K	$723K	20x	as long as short
QFEX NVDA-USD	+0.0045%	1h	227.85	+0.035%	$1.4M	$10.0M	10x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.94	+0.075%	—	$74K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.73	−0.018%	$148.2M	$44.6M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.87	+0.044%	$402K	$277K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.75	−0.009%	$58K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	227.73	−0.018%	$1.6M	$2.0M	15x	as long as short
Hotstuff NVDA-PERP	+0.0064%	1h	227.72	−0.022%	$35K	—	20x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0072%	1h	227.46	−0.136%	$1.3M	$786K	10x	as long as short
Nado NVDA-PERP	+0.0084%	1h	227.74	−0.013%	$484K	$230K	20x	as long as short
Binance NVDAUSDT	+0.0086%	8h	227.87	+0.044%	$156.4M	$216.0M	50x	as long as short
Pacifica NVDA	+0.0100%	1h	227.70	−0.029%	$299K	$60K	10x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.73	−0.018%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.88	+0.048%	$36K	$22K	20x	as long as short
Aevo NVDA-PERP	+0.0104%	1h	227.89	+0.052%	—	—	10x	as long as short
Phoenix NVDAlong	+0.0105%	1h	227.77	long leg	$94K	$112K	20x
Lighter NVDA	+0.0128%	1h	227.87	+0.043%	$2.2M	$3.2M	20x	as long as short
KuCoin NVDAUSDTM	+0.0132%	8h	227.93	+0.070%	$1.6M	$737K	20x	as long as short
Lighter RH NVDA	+0.0144%	1h	227.99	+0.097%	$5.1M	$7.0M	20x	as long as short
Extended NVDA_24_5-USD	+0.0160%	1h	227.66	−0.048%	$689K	$714K	10x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	228.09	+0.140%	$73K	$138	30x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0277%	1h	227.84	+0.031%	$49K	$1.5M	10x	as long as short
edgeX NVDAUSDC	+0.0354%	4h	227.88	+0.049%	$170K	$1.9M	20x	as long as short